If you are starting down the path to sell your home, and you want to do it quickly make sure you know absolutely everything about your property. This includes basic information, like:
- What is the size of your house, and the property?
- How old is it?
- How has it appreciated since you’ve owned it?
- Are there any major repairs or updates that are required?
Answering these simple questions will help you to understand your property, to price it and discuss with potential buyers.
In addition to knowing all the basic facts about your property, the other important consideration for you is assessing your pre-existing mortgage responsibilities.
- How much money remains on your mortgage loan?
- When will it be paid off?
- Do you have copies of your monthly mortgage bill?
It’s possible you might not know the exact amount you owe off the top of your head. Thankfully, a short call to the mortgage lender can give you all types of information: your last amount paid, interest rates, payment plan terms, and even the exact amount still owed. Why is this information pertinent if you’re looking to sell? Unless a homeowner is gripped with an underwater mortgage, knowing how much you owe means knowing how much profit you’ll potentially make from the sale of your home.
You can make some gains on your property if you sell for more than what you owe. The capital (gains) earned can be taxed dependent on state and the situation, but most homeowners earn at least a few thousand dollars at closing. This can help pay off commission and selling fees or be used as a basis for a new property. The more you know about your mortgage, the better off you’ll be when starting the selling process.
A final helpful piece to understand when preparing to sell, is the legal documentation about your property’s ownership. For instance, who’s name(s) are on the title of your property? You may/may not have heard the term house deed. This is a legal document that proves property ownership. A homeowner must prepare and sign a new deed if she or he wishes to transfer the property to a new owner. Typically, deeds are recorded in the public land records in the county where the house is located.
Understanding and knowing your property’s basic information, mortgage status and legal documentation will help immensely as you prepare to sell, particularly if this is a process you’d like to do quickly.